Brookfield Puts 333 Bush Up for Sale; USPS Markets 8 Assets

By Alex Girda, Associate Editor A second tech boom is ratcheting up demand for office space in the San Francisco Bay Area .This has prompted a number of owners to buy or unload assets, among them Brookfield Asset Management, the global alternative asset manager that manages a $150 billion portfolio. Brookfield is hoping to ride the wave to a big payday [...]

A second tech boom is ratcheting up demand for office space in the San Francisco Bay Area .This has prompted a number of owners to buy or unload assets, among them Brookfield Asset Management, the global alternative asset manager that manages a $150 billion portfolio.

Brookfield is hoping to ride the wave to a big payday for 333 Bush Street, a 543,000-square-foot office condominium building in San Francisco. Local professionals speculate that the property could command $500 per square foot, or $272 million. The firm secured ownership of 333 Bush in 2009, when a Brookfield-controlled fund foreclosed on a $224 million note that the previous ownership had defaulted on. The property is 82 percent occupied.

Also expected to hit the market shortly are seven Bay Area properties and a vacant parcel designated for disposal by the U.S. Postal Service. The initiative is part of a nationwide strategy that calls for selling Postal Service assets. As reported by the San Francisco Business Times, the assets headed for the auction block include: